",
"FirmDetails": "Headquartered in Boston, MA, Advent was founded in 1984. At the time of investment, Advent had 160 investment professionals across 17 regional offices located in 16 countries.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund invests in companies that have the potential to grow and improve operations. Transactions will typically take the form of leveraged buyouts as well as minority recapitalizations. Advent acquires businesses from corporate parents, through privatization processes, and from private owners. The fund is differentiated by its origination process, which involves industry experts and extensive, outbound research, as well as by the team's ability to improve company operations.",
"URL": "http://www.adventinternational.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Core Real Estate",
"FirmName": "AEW Capital Management",
"InitialInvestment": "

$35,000,000 commitment to AEW Core Property Trust in 2008

Additional commitments of $25,000,000 in 2013 and $9,873,660.21 in 2016

",
"FirmDetails": "AEW Capital Management, a global investment management firm specializing in real estate, was founded in 1981 and is headquartered in Boston, MA. At the time of investment the firm had 223 employees.",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "Core Property Trustis an open-end, diversified core fund that seeks to invest in best-in-class assets locatedin top tiermarkets in the U.S. The fund places a heavy emphasis on current income, liquidity and strong,long term fundamentals.The fund invests in major U.S. gateway markets with diverse employment bases. ",
"URL": "http://www.aew.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Altaris Health Partners",
"InitialInvestment": "

$30,000,000 Commitment to Altaris Health Partners IV in 2017

",
"FirmDetails": "Altaris Health Partners was founded by a team of professionals spun out of Merrill Lynch in 2002 to establish a dedicated healthcare investment firm. The firm is based in New York City. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Altaris invests in middle market healthcare companies across pharmaceutical, medical devices & diagnostics, payor & insurance, and provider services verticals. Altaris targets companies in located in North America, but will have a secondary focus on Western Europe, where the Firm can invest up to 20% of committed capital. Altaris will invest between $30,000,000 and $100,000,000 of equity per transaction. The firm will make control and minority investments in profitable companies. ",
"URL": "http://altariscap.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Crisis Protection ",
"SubClass": "Systematic Trend Following",
"FirmName": "Aspect Capital",
"InitialInvestment": "

",
"FirmDetails": "Aspect Capital is a London-based investment manager which currently manages $6.1 billion in a range of systematic investment programs. The fund was established in 1997 and employs a team of over 130 professionals. ",
"Role": "This investment is part of the 8% ERSRI policy allocation to crisis protection strategies.",
"FirmApproach": "The Aspect Core Diversified Program is a systematic momentum-based investment approach, which seeks to identify and exploit directional moves in approximately 70 of the most liquid global financial and commodity futures. By exploiting the momentum and price trends which are persistent but unpredictable feature of markets, the program seeks to generate returns which are uncorrelated to major asset classes. ",
"URL": "https://www.aspectcapital.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Baring Private Equity Asia",
"InitialInvestment": "

",
"FirmDetails": "The manager was founded in 1997. At the time of investment, the firm had 100 employees. The firm's 51 investment professionals are organized by geography and are based in seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Tokyo and Jakarta.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund is targeting investment opportunities based primarily in China, Japan, Korea, India and Southeast Asia. Although there are no specific geographic diversification targets, China investments will likely comprise 40% of the fund, and cross-border / regional investments will comprise 20% to 25%. Investments in other geographies will be based on the attractiveness of the available opportunities. Baring Asia is agnostic in terms of industry sector; however, the team will emphasize sectors such as consumer, education, food & agriculture, healthcare, and other sectors in which it has developed internal expertise.",
"URL": "http://www.bpeasia.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Braemar Energy Ventures",
"InitialInvestment": "

$10,000,000 commitment to Braemar Energy Ventures Fund in 2011

",
"FirmDetails": "The manager was founded in 2001 and has offices in New York, NY, Boston, MA, and London. At the time of investment, the firm was managed by a five-person partner group, including three managing partners. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund primarily targets early-stage, energy technology opportunities in companies that have developed a product, but have not yet or are in the early stages of revenue generation. Initial investments in these early-stage companies will require no more than $5 million. The fund will selectively invest in later-stage energy technology investments where the team sees a strong product or technology.",
"URL": "http://www.braemarenergy.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Inflation-linked Bonds",
"FirmName": "Brown Brothers Harriman & Co (BBH)",
"InitialInvestment": "

$437,511,701 to inflation-linked bond strategy in June 2004

",
"FirmDetails": "Established in Philadelphia, PA in 1818, BBH has transitioned from its roots in merchant banking to a global financial services firm, specializing in investment management, private banking and investor services. BBH remains a private partnership and is 100% owned and managed by its general partners who are collectively and individually responsible for the firm's policies and management. The firm has 18 offices globally. At the time of investment, the firm had 2,779 employees, including 352 in its investment management division.",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "The portfolio consists primarily of inflation-linked securities issued by the U.S. Treasury, known as TIPS. BBH uses active investment management and the strategic application of risk control to achieve returns, emphasizing fundamental bottom-up analysis within clearly defined risk parameters. The strategy seeks to identify pricing inefficiencies, quantifying risks and optimizing portfolio structures within the inflation-indexed securities market. ",
"URL": "http://www.bbh.com"
},
{
"Purpose": "Income ",
"MacroClass": "Income",
"SubClass": "Private Credit",
"FirmName": "CapitalSpring Investment Partners",
"InitialInvestment": "

$25,000,000 commitment to Centerbridge Special Credit Partners II in 2012

",
"FirmDetails": "The manager was formed in October 2005 and is headquartered in New York, NY. At the time of the last investment, the team consisted of 63 investment professionals with expertise in credit and private equity investing.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The Special Credit Partners fund primarily invests in non-control debt positions in distressed or undervalued credits in North America and Europe. ",
"URL": "http://www.centerbridge.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Centerbridge Partners",
"InitialInvestment": "

$15,000,000 commitment to Centerbridge Capital Partners in 2006

$25,000,000 commitment to Centerbridge Capital Partners III in 2014

",
"FirmDetails": "The manager was formed in October 2005 and is headquartered in New York, NY. At the time of the last investment, the team consisted of 63 investment professionals with expertise in credit and private equity investing.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The Capital Partners funds opportunistically make control-oriented debt and equity investments in North America and Europe. The manager will generally invest in debt securities with a view towards gaining a control. Equity investments will consist of control-oriented positions in both middle-market and large-market companies. ",
"URL": "http://www.centerbridge.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Crisis Protection ",
"SubClass": "Systematic Trend Following",
"FirmName": "Crabel Capital Management",
"InitialInvestment": "

$40,000,000 initial investment in the Crabel Advanced Trend Strategy (18% target volatility) in June 2017, to increase to up to 2% of total plan assets over subsequent quarters.

",
"FirmDetails": "Crabel was founded in 1992 and specializes in futures and foreign currency trading, with a particular focus on the short-term, systematic trading space. The firm has offices in Century City, CA and Milwaukee, WI and had 85 employees at the time of investment.",
"Role": "This investment is part of the 8% ERSRI policy allocation to crisis protection strategies.",
"FirmApproach": "Crabel Advanced Trend is a pure momentum strategy which is designed to capture long-term trend-following returns efficiently. The strategy trades in over 190 markets across the world and targets equal weightings to commodities, equities, interest rates and currencies. ",
"URL": "http://www.crabel.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Crisis Protection ",
"SubClass": "Systematic Trend Following",
"FirmName": "Credit Suisse Asset Management",
"InitialInvestment": "

$40,000,000 initial investment in the Credit Suisse Managed Futures Target Vol 18 Index in June 2017, to increase to up to 2% of total plan assets over subsequent quarters.

",
"FirmDetails": "Credit Suisse Asset Management (CSAM) operates as a division of Credit Suisse, a global and integrated bank founded in 1856 and headquartered in Zurich, Switzerland. CSAM is one of the largest global asset managers and provides access to traditional and alternative investment strategies. The firm had 748 investment professionals at the time of investment. ",
"Role": "This investment is part of the 8% ERSRI policy allocation to crisis protection strategies.",
"FirmApproach": "The Credit Suisse Managed Futures Target Vol 18 Index seeks to capture trends across asset classes, geographies and time horizons while minimizing cost in order to improve net returns for investors. The strategy trades in 16 markets and targets equal risk contribution across asset classes. ",
"URL": "https://www.credit-suisse.com/us/en/asset-management/about-am.html"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Real Estate",
"FirmName": "Crow Holdings Capital Real Estate",
"InitialInvestment": "

$25,000,000 commitment to Crow Holdings Retail Fund in 2015

",
"FirmDetails": "Crow Holdings Capital Real Estate was founded in 1998 as a private real estate investment manager focusing on North America. The firm is majority owned by Crow Family Holdings, the investment office of Trammel Crow and family. Trammel Crow Company has invested in real estate since 1948. At the time of investment, Crow Holdings Capital Real Estate had 50 employees.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Crow Holdings Retail Fund is a closed-end, value-add fund that seeks to acquire a diversified portfolio of small neighborhood and community retail properties in the United States. Each retail center will have an initial gross purchase price of $17.5 million or less. Through professional management and financing, and pooling assets into geographic clusters, the fund looks to add value to the assets and generate returns.",
"URL": "http://www.crowholdingscapital.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "CVC Capital Partners",
"InitialInvestment": "

$20,000,000 commitment to CVC European Equity Partners III in 2001

€16,500,000 commitment to CVC European Equity Partners IV in 2005

€20,000,000 commitment to CVC European Equity Partners V in 2008

€15,000,000 commitment to CVC Capital Partners VI in 2014

€35,000,000 commitment to CVC Capital Partners VII in 2017

",
"FirmDetails": "The firm was founded in 1993 and started investing its first fund in 1996. The firm has 22 offices globally, with 12 offices in Europe, eight offices in Asia and two offices in the US. At the time of the investment, the firm had 282 employees, including 165 investment professionals. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The funds acquire performing companies that typically have an enterprise value of €1 billion to €2 billion and seek to increase the initial values through geographic expansion, increased efficiency, financial and strategic initiatives, and add-on acquisitions. The funds primarily make control-oriented investments in Western Europe.",
"URL": "http://www.cvc.com/ "
},
{
"Purpose": "Stability",
"MacroClass": "Volatility Protection",
"SubClass": "Absolute Return",
"FirmName": "D.E. Shaw Group",
"InitialInvestment": "

$50,000,000 to DE Shaw Composite Fund in November 2011

",
"FirmDetails": "The D.E.Shaw group was founded in 1988. The firm is headquartered in New York with multiple offices globally. At the time of investment, the firm had 1,260 employees, including approximately 300 investment professionals.",
"Role": "This investment is part of the 6.5% ERSRI policy allocation to absolute return strategies.",
"FirmApproach": "D.E.Shaw Composite Fund is a global, multi-strategy fund invested across approximately ten quantitative and qualitative strategies with an overall market-neutral objective. The firm's risk committee allocates capital among these strategies based on a proprietary optimizer. Composite Fund is designed to achieve attractive risk-adjusted returns with low volatility and modest correlation to major asset classes.",
"URL": "http://www.deshaw.com"
},
{
"Purpose": "Stability",
"MacroClass": "Volatility Protection",
"SubClass": "Absolute Return",
"FirmName": "Davidson Kempner Capital Management",
"InitialInvestment": "

$60,000,000 to Davidson Kempner Institutional Partners, L.P. in November 2011

",
"FirmDetails": "The manager was formed in 1988 and has offices in Houston, TX and Dallas, TX. At the time of the last investment, the firm had 29 investment professionals.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund seeks equity and equity-related investments in growing, independent oil and gas companies. Investments will be made predominantly in companies whose underlying assets are oil and gas reserves. ",
"URL": "http://www.encapinvestments.com"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Equity Capital Management",
"InitialInvestment": "

�21,000,000 Commitment to German Equity Partners V in April 2018

",
"FirmDetails": "Equity Capital Management was established in 1999 and is headquartered in Frankfurt, Germany. The firm's 13 professionals invest in the lower middle-market targeting investments in German-speaking countries of Europe. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Equity Capital Management invests in small private companies generally referred to as the German Mittelstand. The firm is relationship-oriented and stesses bulding relationships and partnerships with families and entreprenuers. Three key aspects of ECM's investments include a level of complexity, less intermediated processes, and strong fundamentals. ECM targests five core sectors including industrials, business services, consumer, healthcare, and TMT. ",
"URL": "http://www.ecm-pe.de/en/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Real Estate",
"FirmName": "Exeter Property Group",
"InitialInvestment": "

$30,000,000 commitment to Exeter Industrial Value Fund III in 2014

",
"FirmDetails": "Exeter Property Group, an institutional investment manager focused exclusively on industrial real estate assets, was founded in 2006 and is headquartered in Plymouth Meeting, PA. At the time of investment, Exeter Property Group had 47 employees. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Fund III is a closed-end value-add fund focusing on big-box warehouse, multi-tenant industrial, and related flex/office properties in the United States, as well as select markets in Canada. The Fund adds value through repositioning, re-leasing, renovation, and operational improvement of existing assets, and through limited development of new assets. ",
"URL": "http://exeterpg.com/"
},
{
"Purpose": "Income ",
"MacroClass": "Income",
"SubClass": "Private Credit",
"FirmName": "Garrison Investment Group",
"InitialInvestment": "

$30,000,000 commitment to Garrison Opportunity Fund IV in 2015

",
"FirmDetails": "The manager was formed in 2007 and is headquartered in New York, NY. At the time of investment, the firm had 75 employees, including 45 investment professionals.",
"Role": "The investment is part of the 8% ERSRI policy allocation to income strategies.",
"FirmApproach": "The fund's strategy is to pursue middle-market credit and asset-based investments in stressed, distressed or undervalued private credit assets. These investments will include commercial and industrial loans, consumer credits, and credits backed by certain tangible assets such as real estate.",
"URL": "http://www.garrisoninv.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Real Estate",
"FirmName": "GEM Realty Capital ",
"InitialInvestment": "

$50,000,000 commitment to GEM Realty Fund V in 2013

$20,000,000 commitment to GEM Realty Fund VI in 2016

",
"FirmDetails": "GEM Realty Capital was formed in 1994 as a real estate investment company and is headquartered in Chicago, IL. At the time of investment, GEM had more than 50 employees. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Fund V is a closed-end, value-add fund investing solely in the U.S. The fund aims to create value where it identifies dislocations, mispricings, and/or operational inefficiencies across property types and in both debt and equity. The strategy includes purchasing traditional real estate at substantial discounts, providing financing for transitional assets, repositioning, renovating, re-leasing and stabilizing properties.",
"URL": "http://www.gemrc.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "GenCap America",
"InitialInvestment": "

$37,500,000 commitment to Southvest Partners VII in 2016

",
"FirmDetails": "The firm was founded in 1988 and is headquartered in Nashville, Tennessee. At the time of investment, the firm had 7 investment professionals.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund's primary objective is to partner with owners and management teams who have a willingness to operate and grow successful businesses. In all investments, senior management is involved in equity ownership to give them a meaningful stake in the success of the business. The fund targets middle market businesses in basic industries.",
"URL": "http://www.gencapamerica.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Volatility Protection",
"SubClass": "Absolute Return",
"FirmName": "Graham Capital Management",
"InitialInvestment": "

$50,000,000 to Graham Global Investment Fund in January 2012. Transferred full balance to Graham Absolute Return Fund in July 2015.

",
"FirmDetails": "The manager was founded in 1994. At the time of investment, the manager employed 188 people, with 91 on the investment side and 97 in operations. The firm is headquartered in Rowayton, CT.",
"Role": "This investment is part of the 6.5% ERSRI policy allocation to absolute return strategies.",
"FirmApproach": "The fund follows a discretionary global macro strategy, utilizing a combination of quantitative and qualitative factors to determine capital allocations across multiple portfolio managers. The goal is to maximize the portfolio Sharpe Ratio while incorporating factors such as portfolio manager performance, downside volatility, correlation and tenure at the firm.",
"URL": "https://www.grahamcapital.com/"
},
{
"Purpose": "Income",
"MacroClass": "Income",
"SubClass": "MLPs",
"FirmName": "Harvest Fund Advisors ",
"InitialInvestment": "

$160,000,000 commitment to the Harvest MLP Alpha strategy in December 2014

",
"FirmDetails": "Hastings is a lower middle market buy out firm focused on acquiring companies in the U.S. energy services sector. The firm was founded in 2004 and is headquartered in Houston, Texas with a staff of 15 professionals. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Hasting's focuses on energy companies in the lower middle market segment. The firm seeks to add value by marking add-on acquisitions to grow EBITDA and to improve the economies of scale. Hastings also aims to mitigate commodity price risk by focusing on downstream service companies that are less energy price sensitive and to maintain balance sheet flexibility with moderate levels of debt financing. ",
"URL": "http://www.hastingsequity.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Core Real Estate",
"FirmName": "Heitman",
"InitialInvestment": "

",
"FirmDetails": "Heitman, a global investment management firm specializing in real estate, was founded in 1966 and is based in Chicago, IL. At the time of investment, Heitman had more than 250 employees. ",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "HART is an open-end, diversified core fund that aims to create a high-quality, low-risk portfolio of stabilized, income-producing assets in prime locations. The fund invests in office, apartment, retail, industrial and self-storage properties across the U.S. ",
"URL": "https://www.heitman.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Private Infrastructure",
"FirmName": "Homestead Capital",
"InitialInvestment": "

",
"FirmDetails": "Homestead Capital USA is a real asset fund acquiring row and permanent crop farmland in the U.S. The firm was founded in 2012 and is based in San Francisco, CA.",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "Homestead Capital USA Farmland seeks to acquire undervalued farms and apply a well-defined set of intiatives to improve the value of the properties post acquisition.",
"URL": "http://www.homesteadcapital.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Private Infrastructure",
"FirmName": "I Squared Capital Advisors (ISQ)",
"InitialInvestment": "

$50,000,000 commitment to ISQ Global Infrastructure Fund in 2014

$40,000,000 commitment to ISQ Global Infrastructure Fund II in 2017

",
"FirmDetails": "The firm was founded in 2012. At time of investment, the firm employed 47 investment professionals, operating partners, senior industry and policy advisors, and joint venture partners. Headquartered in New York, NY, the firm has six offices globally, two in the U.S., one in Europe and three in Asia.",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "The fund invests and manages infrastructure assets globally, with a focus on North America, Europe and other growth economies in emerging markets within Asia and Latin America. The fund's primary sectors for investment are energy, utilities (water and waste management), and transportation. The majority of the fund's capital will be invested in brownfield assets, with up to 25% in greenfield projects.",
"URL": "http://www.isquaredcapital.com"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Private Infrastructure",
"FirmName": "IFM Investors (IFM)",
"InitialInvestment": "

$50,000,000 commitment to IFM Global Infrastructure Fund in 2013

",
"FirmDetails": "IFM Investors is a leading global fund manager with a strength in infrastructure investments. Established more than 20 years ago and owned by 30 major profit-for-members Australian pension funds, IFM Investors is deeply aligned with the interests of their institutional investors. The head office is in Melbourne, Australia, with additional offices in Sydney, New York, NY, London, Berlin and Tokyo. At the time of investment, the firm had 46 investment professionals dedicated to infrastructure.",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "The Global Infrastructure Fund's strategy seeks to invest in core brownfield infrastructure assets, with a selective approach to greenfield investments. It targets core infrastructure assets with strong market positions, high barriers to entry, limited demand elasticity, long lives and typically an inherent link to inflation. Geographically, it targets assets in North American and European countries with established regulatory environments and strong rule-of-law. ",
"URL": "http://www.ifminvestors.com"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Real Estate",
"FirmName": "Industry Capital",
"InitialInvestment": "

$18,000,000 commitment to IC Berkeley Partners III in 2014

Up to $30,000,000 commitment to IC Berkeley Partners IV in 2016, though limited to 15% of the total fund

",
"FirmDetails": "Industry Capital, an institutional investment manager focused on real assets, was founded in 2003 and is headquartered in San Francisco, CA. At the time of investment, the firm had 33 employees. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "IC Berkeley Partners III is a closed-end, value-add fund investing in the multi-tenant industrial sector across the U.S. The fund intends to stabilize under-managed or distressed industrial warehouse, distribution and service centers, to aggregate a critical mass of properties within geographic clusters, and to add institutional-quality management. Fund III's target deal size is small, typically $10 million or less, and the tenant base is often composed of small, local and regional businesses.",
"URL": "www.industrycapital.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Industry Ventures ",
"InitialInvestment": "

",
"FirmDetails": "Formed in 2000, the firm is headquartered in San Francisco, CA with an office in Alexandria, VA. At the time of investment, the firm had 18 employees, including 11 investment professionals.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund's strategy is to invest in early-stage venture capital with a focus on small funds targeting a net annualized return to limited partners of 20%-25%. The Fund will complement a 40% target allocation to primary commitments with a 40% target allocation to secondary investments and a 20% target allocation to co-investments. The “C” fund will make co-investments, at reduced fees, in larger opportunities alongside the main fund.",
"URL": "http://www.industryventures.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Core Real Estate",
"FirmName": "JP Morgan Asset Management (JPMAM)",
"InitialInvestment": "

$50 million commitment to JPMCB Strategic Property Fund (SPF) in 2005 and an additional $25 million commitment in 2013

",
"FirmDetails": "J.P. Morgan Investment Management Inc. (JPMIM), incorporated in the state of Delaware in 1984, is an SEC-registered investment advisor and an indirect wholly owned subsidiary of JPMorgan Chase & Co., a publicly traded corporation that is listed on the New York Stock Exchange. At the time of investment, JPMorgan had 160 real estate professionals. ",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "

JPMCB Strategic Property Fund is an open-end, diversified core fund that seeks to outperform the NFI-ODCE Value Weighted Index through asset, geographic and sector selection and active asset management. The fund invests in high-quality, stabilized assets in the four major property types: office, industrial, multi-family and retail. SPF focuses on the larger primary economic markets within the U.S. and does not invest in non-core sectors such as hospitality, assisted living, self-storage, etc.

JPMorgan Alternative Property Fund is a core-plus/value-add fund that is in liquidation. When it was formed, the Fund sought to invest in alternative real estate assets in the U.S. as well as traditional and alternative real estate assets in Canada, Mexico and the Caribbean. The investment types included hotels and resorts, medical office, senior housing and assisted living, self-storage, manufactured housing, for-sale housing, condominiums and land subdivisions, parking facilities, student housing, and biotechnology and laboratory facilities.

$15,000,000 commitment to Level Equity Opportunities Fund in August 2018.

",
"FirmDetails": "Level Equity Partners was founded in 2009 and is headquartered in New York City, New York. At the time of investment, the firm had 4 senior level partners.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Level Equity is a lower middle-market growth equity investor with a primary focus on North American software and technology-enabled service companies. The firm targets asset light businesses, have no customer concentration, and typically invests in minority stakes. ",
"URL": "http://www.levelequity.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Real Estate",
"FirmName": "Lone Star Funds",
"InitialInvestment": "

",
"FirmDetails": "Lone Star is a private equity firm that invests globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized fifteen private equity funds. These funds have been structured as closed-end limited partnerships, and are advised by Lone Star Global Acquisitions, Ltd. (LSGA), an investment adviser registered with the U.S. Securities and Exchange Commission, and its global subsidiaries. Lone Star seeks investment opportunities in opportunistic and value-oriented assets over a broad range of financial instruments and geographic locations. Hudson Advisors LLC and its global subsidiaries has been dedicated to the support of the funds investment activities globally, providing due diligence and analysis, asset management and other support services. At the time of investment, Lone Star and Hudson had a combined total of approximately 940 employees.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "LSREF IV is a closed-end, opportunistic fund that aims to create value where it identifies pricing dislocations. Transactions targeted by LSREF IV include investments in commercial real estate assets, including multi-family, retail, office, industrial, hospitality, senior housing, student housing, and other related assets. LSREF IV will target investments across the Americas, Europe and Japan.",
"URL": "http://www.lonestarfunds.com/"
},
{
"Purpose": "Income",
"MacroClass": "Income",
"SubClass": "Liquid Credit",
"FirmName": "Loomis Sayles",
"InitialInvestment": "

",
"FirmDetails": "Loomis Sayles was founded in 1926 and is headquartered in Boston with offices in San Francisco, Detroit, London, and Singapore. The firm holds $264.4 billion in AUM and 75% of investment professionals dedicated to research and trading. ",
"Role": "The investment is part of the 8% ERSRI policy allocation to income strategies.",
"FirmApproach": "This portfolio invests in high yield credit and bank loans seeking the bed risk-adjusted return potential over a full market cycle. ",
"URL": "https://www.loomissayles.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Volatility Protection",
"SubClass": "Core Fixed Income",
"FirmName": "MacKay Shields",
"InitialInvestment": "

$545,847,601 to core fixed income in November 2012

",
"FirmDetails": "A registered investment adviser since 1969, MacKay was founded in 1938 as an economic consulting firm by Gilbert MacKay. In 1984, MacKay was purchased by New York Life Insurance Company. The firm is headquartered in New York, NY with other offices in Princeton, NJ and London. At time of investment, MacKay had more than 50 investment professionals.",
"Role": "This investment is part of the 11.5% ERSRI policy allocation to fixed income.",
"FirmApproach": "Mackay seeks to outperform the Barclays Capital Aggregate Bond Index by investing in a full spectrum of U.S. dollar-denominated investment-grade securities, focusing primarily on U.S. government and U.S. agency securities. MacKay looks to accomplish by: 1) quantifying the downside risk and 2) quantifying the upside potential of every holding. The investment process is dominated by bottom-up security selection complemented by top-down macroeconomic analysis, which seeks to identify weak points in the economic cycle when it is prudent to avoid vulnerable cyclical industries and weaker credits.",
"URL": "https://www.mackayshields.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Crisis Protection ",
"SubClass": "Long Duration",
"FirmName": "MacKay Shields",
"InitialInvestment": "

$40,000,000 initial investment in June 2017, to increase to up to 2% of total plan assets over subsequent quarters.

",
"FirmDetails": "A registered investment adviser since 1969, MacKay was founded in 1938 as an economic consulting firm by Gilbert MacKay. In 1984, MacKay was purchased by New York Life Insurance Company. The firm is headquartered in New York, NY with other offices in Princeton, NJ and London. At time of investment, MacKay had more than 50 investment professionals.",
"Role": "This investment is part of the 8% ERSRI policy allocation to crisis protection strategies.",
"FirmApproach": "Mackay's long duration separate account invests solely in long-dated (maturities in excess of 10 years), high quality bonds which are backed by the full faith and credit of the U.S. government. ",
"URL": "https://www.mackayshields.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Real Estate",
"FirmName": "Magna Hospitality Group",
"InitialInvestment": "

$4,000,000 commitment to Magna Hotel Fund III in 2008

",
"FirmDetails": "A specialist in hotel real estate assets, Magna Hospitality was founded in 1998 and is based in Warwick, RI. At the time of investment, the firm had 23 corporate employees and approximately 1,200 property-level employees.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Fund III is a closed-end, opportunistic fund investing in hotel properties across the U.S. The fund focuses on the development, repositioning and operation of select-service hotels. ",
"URL": "http://www.magnahospitality.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Core Real Estate",
"FirmName": "Morgan Stanley Merchant Banking & Real Estate Investing (MB&REI)",
"InitialInvestment": "

",
"FirmDetails": "A division of Morgan Stanley, the Merchant Banking & Real Estate Investing group invests capital in direct real estate on behalf of institutional clients. Morgan Stanley began its real estate investment advisory business in 1991 and it is based in New York, NY. At the time of investment, the firm had more than 225 employees dedicated to its U.S. real estate investment business. ",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "Prime Property Fund is an open-end diversified core fund investing in office, retail, residential, hotel, industrial and self-storage assets located primarily in major metropolitan markets and submarkets across the United States. ",
"URL": "http://www.morganstanley.com/what-we-do/investment-management/merchant-banking/global-real-estate/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Nautic Partners",
"InitialInvestment": "

$20,000,000 commitment to Nautic Partners V in 2000

$20,000,000 commitment to Nautic Partners VI in 2007

$20,000,000 commitment to Nautic Partners VII in 2014

$20,000,000 commitment to Nautic Partners VIII in December 2015

$50,000,000 commitment to Nautic Partners IX in December 2018

",
"FirmDetails": "Headquartered in Providence, RI, Nautic was formed as a fully independent private equity firm in 2000. At the time of the last investment, investment Nautic had 16 investment professionals, including eight managing directors.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund seeks equity and equity-related investments in small-and middle-market companies based in North America. The manager works with company management teams to grow these companies post-investment. The fund targets investments in business services, healthcare and manufacturing.",
"URL": "http://nautic.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Nordic Capital Limited",
"InitialInvestment": "

$15,000,000 commitment to Nordic Capital Fund V in 2003

$15,000,000 commitment to Nordic Capital Fund VI in 2006

$15,000,000 commitment to Nordic Capital Fund VII in 2008

$15,000,000 commitment to Nordic Capital Fund VIII in 2013

",
"FirmDetails": "The manager was established in 1989 and has investment advisory offices in Stockholm, Oslo, Copenhagen, Helsinki, Frankfurt and London, and fund management offices in Jersey and Luxembourg. At the time of the last investment, the firm had 57 investment professionals.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Nordic Capital pursues control buyouts in middle-market companies across industries in the Nordic region and Germany, and in healthcare companies globally. Healthcare investments have been a significant share of the invested capital with roughly 40% of capital invested to date. Transactions will take the form of leveraged buyouts, public-to-private deals, and corporate divestitures. ",
"URL": "http://www.nordiccapital.com"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Opportunistic Private Credit",
"FirmName": "Oaktree Capital Management",
"InitialInvestment": "

$20,000,000 commitment to OCM European Principal Fund III in 2011.

",
"FirmDetails": "The manager was founded in 1995. Oaktree is headquartered in Los Angeles, CA and has offices around the globe. At the time of the investment, the firm had 609 employees, including 199 investment professionals.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund's strategy is to pursue control-oriented investments in financially or operationally distressed, middle-market companies in Europe. The manager primarily focuses on debt-for-control transactions and special situation investments, which may include acquisitions from distressed sellers, partnering with experienced management teams to pursue a distressed industry, and real estate investments. The fund focuses on companies where there are identifiable strategic initiatives that can be implemented by the operations team. Strategic initiatives may include industry consolidation through add-on acquisitions, overhead reductions, and significant changes to senior management.",
"URL": "http://www.oaktreecapital.com/"
},
{
"Purpose": "Income",
"MacroClass": "Income",
"SubClass": "Private Credit",
"FirmName": "Owl Rock Corporation",
"InitialInvestment": "

$50,000,000 Commitment to Owl Rock Corporation in 2018

",
"FirmDetails": "Owl Rock Capital Partners was founded in 2016 and is headquartered in New York City. The firm makes middle market loans to U.S. only private equity sponsor-backed companies. Owl Rock employs 22 investment professionals. ",
"Role": "The investment is part of the 8% ERSRI policy allocation to income strategies.",
"FirmApproach": "Owl Rock Capital Corporation invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company�s common equity.",
"URL": "https://owlrock.com/"
},
{
"Purpose": "Income",
"MacroClass": "Income",
"SubClass": "Liquid Credit",
"FirmName": "Pacific Investment Management Company (PIMCO)",
"InitialInvestment": "

$200,000,000 to bank loans/short-duration high yield strategy in May 2013

",
"FirmDetails": "PIMCO was founded in Newport Beach, CA in 1971. In 2000, PIMCO was acquired by Allianz SE, a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz. The subsidiary has 13 offices globally, with five in Europe, four in Asia-Pacific and four in the Americas. At the time of investment, the subsidiary had 2,343 employees, including 690 investment professionals.",
"Role": "The investment is part of the 8% ERSRI policy allocation to income strategies.",
"FirmApproach": "The portfolio invests primarily in non-investment-grade bank loans and short-duration high-yield securities. PIMCO puts top priority on identifying and avoiding credits with weakening fundamentals to avoid the downside risk in credit. The manager seeks to balance yield spread and price against a goal of preserving principal. PIMCO puts a particular emphasis on investing in securities with high asset coverage and attractive credit fundamentals.",
"URL": "http://www.pimco.com"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Paine & Partners",
"InitialInvestment": "

",
"FirmDetails": "The firm was founded in 2007 and is headquartered in New York, NY with two additional offices in Chicago, IL and San Mateo, CA. At the time of investment, the firm consisted of 22 investment, operations, and finance professionals. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund invests in businesses providing products and services to the global food and agribusiness sector. The fund expects primarily to make control acquisitions of established businesses that require financial and strategic support to achieve their growth potential. The manager utilizes a thesis-driven approach and extensive industry expertise to execute a value-oriented, disciplined strategy to address complexity within the food and agribusiness sector. To maximize value, the fund can also employ a buy-and-build strategy where it creates a platform entity and acquires multiple companies to create differentiated and larger businesses. ",
"URL": "http://www.painepartners.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Volatility Protection",
"SubClass": "Cash",
"FirmName": "Payden & Rygel",
"InitialInvestment": "

$100,000,000 initial funding in February 2017, to increase to up to 3% of the portfolio over subsequent quarters.

",
"FirmDetails": "Founded in 1983, Payden & Rygel provides active management of fixed income and equity portfolios, through domestic and international solutions. The firm is headquartered in Los Angeles and has additional offices in Boston, London and Paris. At the time of investment the firm had 200 employees.",
"Role": "This investment is part of the 3% ERSRI policy allocation to cash.",
"FirmApproach": "Payden & Rygel manages ERSRI's 3% target allocation to cash. The purpose of this separately managed account is to provide liquidity to meet monthly cash outflows while preserving principle and earning higher returns than can be achieved in a short-term investment fund (STIF) or money market account. Investments to be included in the portfolio include high quality U.S. dollar-denominated money market and fixed income securities of domestic and foreign issuers, U.S. Government securities and repurchase agreements.",
"URL": "https://www.payden.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Point Judith Capital Partners",
"InitialInvestment": "

$5,000,000 commitment to Point Judith Venture II in 2007

",
"FirmDetails": "The manager was formed in 2001 and is headquartered in Boston, MA. It targets venture investments in early-stage companies in the information technology and healthcare sectors within the U.S.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The funds strategy is to take an active approach to investing and to build collaborative relationships with portfolio company teams. Typically investing $500,000 to $3 million in a first round of financing, the fund reserves additional capital for subsequent financing rounds as companies prove themselves. ",
"URL": "http://pointjudithcapital.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Providence Equity Partners",
"InitialInvestment": "

$15,000,000 commitment to Providence Equity Partners III in 1999

$25,000,000 commitment to Providence Equity Partners IV in 2000

$25,000,000 commitment to Providence Equity Partners V in 2005

$25,000,000 commitment to Providence Equity Partners VI in 2007

$25,000,000 commitment to Providence Equity Partners VII in 2012

",
"FirmDetails": "The manager was founded in 1989. At the time of the last investment, the firm had 125 investment professionals. The firm is headquartered in Providence, RI with offices in New York, NY, London, Hong Kong, New Delhi, and Singapore.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund will make control-oriented and minority growth-equity investments in North America, Europe and Asia. The manager pursues investments in media, entertainment, communications, and information services sectors.",
"URL": "http://www.provequity.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Core Real Estate",
"FirmName": "Prudential Real Estate Investors (PREI)",
"InitialInvestment": "

",
"FirmDetails": "Founded in 1946, Fidelity Management and Research (FMR) offers a wide suite of investment products and services to individuals and institutions. In 2005 FMR established Pyramis as a separate business unit to focus on institutional clients, headquartered in Smithfield, RI. At the time of investment, Pyramis employed 920 people, including 136 investment professionals dedicated to supporting Pyramis' institutional equity platform. Pyramis' investment grade fixed income institutional strategies are managed within FMR's Fixed Income Division, which had 175 dedicated investment professionals at the time of investment.",
"Role": "This investment is part of the 11.5% ERSRI policy allocation to fixed income.",
"FirmApproach": "Pyramis seeks to outperform the Barclays Capital Aggregate Bond Index by investing in a full spectrum of U.S.-dollar-denominated, investment-grade securities, focusing primarily on U.S. government and U.S. agency securities. An integral part of the strategy is intensive risk management with a focus on high quality and low tracking error. The investment process emphasizes sector allocation and individual security selection, while keeping duration (interest rate risk) in ine with the index.",
"URL": "https://pyramis.fidelity.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Real Estate",
"FirmName": "Raith Capital Partners",
"InitialInvestment": "

$35,000,000 commitment to Raith Real Estate II in December 2018.

",
"FirmDetails": "Raith is private equity real estate firm targeting special opportunites in the commercial real estate space. The firm was founded in 2012 and is headquartered in New York City, New York. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Raith Real Estate fund II invests in fundamentally sound real estate in the United States that is experiencing some form of financial, geographic, or marketplace dislocation. The firm targets assets with broken capital structures, dislocated or non-strategic assets, or stressed sponsors that allow the firm to invest at discuount to the assets intrinsic value. ",
"URL": "http://raithcapital.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Riordan, Lewis & Haden",
"InitialInvestment": "

$40,000,000 commitment to RLH Investors IV in 2017

",
"FirmDetails": "The firm was founded in 1982. At the time of investment, the team consisted of 11 investment professionals and 5 operating executives. The firm is headquartered in Los Angeles with an additional office in Chicago. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund pursues growth recapitalizations where management retains significant equity. The fund targets profitable, high organic growth, market-leading services firms in the business services, healthcare, and government services sectors in the middle-market. The team looks to utilize the RLH Playbook to generate value.",
"URL": "http://www.rlhequity.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Siris Capital Group",
"InitialInvestment": "

",
"FirmDetails": "The manager was formed in 2002. At the time of investment, the team had 22 professionals, including investment- and operations-focused professionals. The firm is headquartered in Lehi, UT.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund will pursue buyouts of lower middle-market companies with enterprise values of $30 million to $50 million. Companies will be based predominantly in the Mountain West states of Utah, Idaho, Arizona, New Mexico, Nevada, Wyoming, and Montana. The manager will opportunistically invest in companies located in adjacent states, particularly when the target business operates within a sector in which the firm has previously invested, such as aerospace.",
"URL": "http://www.sorensoncapital.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Public Growth",
"SubClass": "Global Public Equity",
"FirmName": "State Street Global Advisors (SSgA)",
"InitialInvestment": "

$1,636,329,331 investment to the Russell 3000 Index NL Fund in September 2012.

$98,364,000 investment to the MSCI Canada Index NL Fund in August 2012.

$804,223,000 investment to the MSCI EAFE Index NL Fund in August 2012.

$275,205,800 to the MSCI Emerging Markets Index NL Fund in August 2012.

$1,000,000,000 investment into the SSgA Equity Factor Tilt Portfolio in 2015, funded over the course of 12 months.

",
"FirmDetails": "Founded in 1978 as the asset management division of State Street Corporation, SSgA provides institutional investment management services. In 1995, all of State Street's investment management services were reorganized as SSgA, headquartered in Boston, MA. At the time of investment, the division employed more than 2,000 people globally in 17 countries, with nine investment centers across the Americas, Europe and Asia.",
"Role": "This investment is part of the 40% ERSRI policy allocation to public growth.",
"FirmApproach": "These passive funds seek investment returns that approximate as closely as practical the performance of the target indexes, all of which are weighted based on market capitalization. The MSCI Canada fund is composed of Canadian common stocks. The MSCI EAFE fund consists of developed-market common stocks across Europe, Australasia and the Far East. The MSCI Emerging Markets fund is composed of common stocks from emerging markets across Asia, Europe, Latin America, and Africa. The Russell 3000 fund consists of large-, mid- and small-capitalization common stocks in the U.S. equity market.",
"URL": "http://www.ssga.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Inflation Protection",
"SubClass": "Private Infrastructure",
"FirmName": "Stonepeak Partners ",
"InitialInvestment": "

$50,000,000 commitment to the Stonepeak Infrastructure Fund II LP in September 2015

$10,000,000 commitment to Stonepeak II-C in 2016

$35,000,000 Commitment in September 2017

",
"FirmDetails": "Stonepeak Partners, founded in 2011 and headquartered in New York is an independently-owned private infrastructure investment firm.",
"Role": "This investment is part of the 8% ERSRI policy allocation to inflation protection strategies. ",
"FirmApproach": "The fund invests in North American middle-market infrastructure, primarily in the following sectors: power generation and utilities, water, energy, communications, and transportation.",
"URL": "http://stonepeakpartners.com/"
},
{
"Purpose": "Income ",
"MacroClass": "Income",
"SubClass": "Private Credit",
"FirmName": "Summit Partners",
"InitialInvestment": "

$20,000,000 to Summit Partners Credit Fund in 2011

$25,000,000 to Summit Partners Credit Fund II in 2014

",
"FirmDetails": "Summit Partners is a global alternative asset investment firm managing investment vehicles focused primarily on growth equity, venture capital and fixed income. Summit Partners was founded in 1984 and at time of last investment, employed more than 90 investment professionals across three offices in Boston, MA, Menlo Park, CA, and London.",
"Role": "The investment is part of the 8% ERSRI policy allocation to income strategies.",
"FirmApproach": "The funds seek to achieve returns primarily though originating private corporate debt. They may also make opportunistic purchases of syndicated bank loans and high yield bonds when attractive risk-return pricing may be achieved in these markets. While investments may be senior or subordinated, the majority of investments are anticipated to be secured by a first- or second-lien interest in the assets of the borrower and to require the borrower to maintain certain operating Sfinancial covenants. ",
"URL": "http://www.summitpartners.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "Tenex Capital Management",
"InitialInvestment": "

",
"FirmDetails": "Tenex Capital Management, an operational turnaround private equity manager, was founded in 2010 and is headquartered in New York, NY.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Tenex will make control investments in underperforming middle-market companies in the US and Canada. Tenex targets companies that possess significant room for material near-term improvements in operations. Once a company is acquired, Tenex deploys its operational capabilities to return the company to a level of performance consistent with industry averages.",
"URL": "http://www.tenexcm.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "The Carlyle Group",
"InitialInvestment": "

$30,000,000 commitment to Carlyle Asia Partners IV in 2014

$50,000,0000 Commitment to Carlyle Asia V in September 2017

",
"FirmDetails": "Founded in 1987, the firm is headquartered in Washington, D.C. with offices around the globe. The Asia team's base is in Hong Kong with offices in Beijing, Shanghai, Singapore, Mumbai, Seoul, Sydney, and Jakarta. At the time of investment, the firm had over 1,400 employees, including 650 investment professionals.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "The fund will target investment opportunities based primarily in China, Taiwan, India, South Korea, Southeast Asia, Australia and New Zealand. Although the fund does not have hard allocation targets by geography, investments in Greater China are expected to comprise approximately 50% of the fund. The fund will target five core industries including consumer & retail, telecommunications, media & technology, financial institutions, healthcare, and industrials.",
"URL": "http://www.carlyle.com/"
},
{
"Purpose": "Growth",
"MacroClass": "Private Growth",
"SubClass": "Private Equity",
"FirmName": "The Riverside Company",
"InitialInvestment": "

",
"FirmDetails": "The manager was formed in 1988. The firm is headquartered in the U.S. with offices on four continents. At the time of the last investment, the firm had more than 200 employees.",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "RCAF VI and RMCF III both pursue control buyout opportunities of companies located in North America. The funds will invest broadly across industry sectors; however, the firm has developed subsector industry specializations in healthcare, education and training, software and information technology services, and franchising. RCAF VI generally targets small- to middle-market companies with annual operating profit below $25 million, and RMCF III generally targets even smaller micro-cap companies.",
"URL": "https://www.riversidecompany.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Volatility Protection",
"SubClass": "Absolute Return",
"FirmName": "Viking Global Investors",
"InitialInvestment": "

",
"FirmDetails": "Waterton Associates, a vertically integrated real estate investment firm focused on multi-family and hospitality assets, was founded in 1995 and is headquartered in Chicago, IL. At the time of investment, the firm had more than 550 employees in multiple offices across the US. ",
"Role": "This investment is part of the 15% ERSRI policy allocation to private growth. ",
"FirmApproach": "Venture XII is a closed-end, value-add fund investing in multi-family properties in the U.S. The Fund seeks to acquire a balanced portfolio of multi-family assets diversified by location and for which the fund can add value through a combination of professional management, correction of deferred maintenance, physical property improvements, and recapitalization. ",
"URL": "http://www.watertonassociates.com/"
},
{
"Purpose": "Stability",
"MacroClass": "Crisis Protection ",
"SubClass": "Long Duration ",
"FirmName": "Western Asset Management Company (WAMCO)",
"InitialInvestment": "

$40,000,000 initial investment in June 2017, to increase to up to 2% of total plan assets over subsequent quarters.

",
"FirmDetails": "WAMCO was founded in 1971 by United California Bank, and became an SEC-registered investment advisor in December that year. In 1986, Western Asset was acquired by Legg Mason, where it remains an independent affiliate. WAMCO operates as an autonomous investment management company headquartered in Pasadena, CA, and with offices in eight countries. At the time of investment, Western Asset had 867 employees.",
"Role": "This investment is part of the 8% ERSRI policy allocation to crisis protection strategies.",
"FirmApproach": "WAMCO's long duration separate account invests solely in long-dated (maturities in excess of 10 years), high quality bonds which are backed by the full faith and credit of the U.S. government. ",
"URL": "http://www.westernasset.com"
},
{
"Purpose": "Stability",
"MacroClass": "Volatility Protection",
"SubClass": "Absolute Return",
"FirmName": "Winton Capital",
"InitialInvestment": "

$30,000,000 to Winton Futures Fund in December 2011

",
"FirmDetails": "The firm was founded in 1997, and is principally located in London, with additional offices in Oxford and Hong Kong. At the time of investment, Winton employed 211 employees.",
"Role": "This investment is part of the 6.5% ERSRI policy allocation to absolute return strategies.",
"FirmApproach": "Winton Futures Fund is a systematic commodity-trading advisor (CTA). The fund trades more than 120 liquid global futures markets across equities, fixed income, currencies, energies and commodities. A highly sophisticated algorithm determines the fund's positions, which are continuously executed throughout each trading day. The strategy is fully systematic and trades are executed with the sole purpose of tracking the model. Winton's approach is primarily directional, with systems sampling thousands of prices daily to identify and profit from momentum opportunities across a broad range of sectors.",
"URL": "https://www.wintoncapital.com/"
}
]